Get the free Massachusetts Combined Corporation Excise Return Form 355C

This document provides instructions and information for corporations filing their combined excise return in Massachusetts, including major law changes, eligibility requirements, filing responsibilities,

How to fill out massachusetts combined corporation excise

How to fill out Massachusetts Combined Corporation Excise Return Form 355C

1. Obtain the Massachusetts Combined Corporation Excise Return Form 355C from the Massachusetts Department of Revenue website.
2. Enter your corporation's name, address, and Federal Employer Identification Number (FEIN) at the top of the form.
3. Indicate the tax year in question.
4. Complete the 'Income' section by reporting your corporation's gross receipts and any deductions as outlined in the instructions provided with the form.
5. Calculate your Massachusetts corporate excise tax based on the income reported.
6. Fill out the 'Apportionment' section, if applicable, to determine the portion of corporate income subject to Massachusetts tax.
7. Include any credits that your corporation is eligible for by filling out the 'Credits' section.
8. Review the form for accuracy and completeness.
9. Sign and date the form at the bottom.
10. Submit the completed form to the Massachusetts Department of Revenue by the due date along with any payment for taxes owed.

Who needs Massachusetts Combined Corporation Excise Return Form 355C?

1. The Massachusetts Combined Corporation Excise Return Form 355C is required for corporations doing business in Massachusetts that meet certain criteria, including corporations with income and gross receipts above a specified threshold, and those subject to excise tax under Massachusetts General Laws.

People Also Ask about

What is Massachusetts corporate combined excise tax?

Taxable Unit: A corporation is a taxpayer separate and distinct from its shareholders. Rate Structure: The effective excise rate on corporations is 9.5% of net income apportioned to Massachusetts, and $2.60 per $1,000 of the value of Massachusetts tangible property or net worth allocable to Massachusetts.

What is a combined return?

In a combined report, the entire amount of unitary business income of all corporations in the unitary group (including unitary members with no property, payroll, or sales within California) is aggregated in the combined report.

Who must file Massachusetts partnership return?

A partnership must annually file a Form 3, Partnership Return, to report the partnership's income to the MA DOR if: It has a usual place of business in Massachusetts, or. Receives federal gross income of more than $100 during the taxable year.

What is the combined income tax in Massachusetts?

Your Income Taxes Breakdown TaxMarginal Tax RateEffective Tax Rate FICA 7.65% 7.65% State 5.00% 4.02% Local 0.00% 0.00% Total Income Taxes 19.24%4 more rows

Is Massachusetts a combined filing state?

Massachusetts requires all corporations that are part of the combined group to use Department of Revenue (DOR) schedules to report their income as determined for federal income tax purposes and certain adjustments.

What is corporate excise form 355?

Business corporations with taxable years ending in the same month as the taxable year for which the combined report is being filed will pay the non-income measure of excise tax as part of the combined report.

What is a Massachusetts combined return?

A combined report is a computational schedule that is generally required to be filed when a corporation that is subject to tax under M.G.L. c. 63 is engaged in a unitary business with one or more other corporations that are required to be included in a combined report under M.G.L. c. 63, § 32B.

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What is Massachusetts Combined Corporation Excise Return Form 355C?

Massachusetts Combined Corporation Excise Return Form 355C is a tax return form used by corporations to report their income, calculate their corporate excise tax, and disclose other relevant tax information to the Massachusetts Department of Revenue.

Who is required to file Massachusetts Combined Corporation Excise Return Form 355C?

Corporations that are part of a combined reporting group, which includes affiliated corporations that operate in Massachusetts, are required to file Form 355C.

How to fill out Massachusetts Combined Corporation Excise Return Form 355C?

To fill out Form 355C, taxpayers must provide detailed financial information, including gross receipts, total income, and apportionment factors. Clear instructions accompany the form to guide the reporting process, ensuring accurate completion.

What is the purpose of Massachusetts Combined Corporation Excise Return Form 355C?

The purpose of Form 355C is to ensure that corporate entities report their income accurately and pay the appropriate excise tax to the state of Massachusetts while allowing the state to assess and oversee corporate taxation.

What information must be reported on Massachusetts Combined Corporation Excise Return Form 355C?

Form 355C requires reporting of income, deductions, apportionment factors, estimated tax payments, and taxes owed. It also requires information regarding the corporation's structure and any affiliated entities.